The more I think about the inventory situation of new Corvettes on the ground, the more convinced I am that Chevrolet has the needed number of Corvettes available to hold over customers until the next generation Corvette begins to arrive at dealer showrooms early next year.
Over the last few months we’ve been relying on the folks at einventorynow.com for these inventory totals. The business helps dealers manage their inventories and they are reporting that July’s nationwide inventory for new Corvettes is now at 6,025 with an 84-day supply.
The industry uses the “Day Supply” numbers for calculating the number of days for dealers inventories to be completely sold based on the current rate of sales.
At the beginning of the year, we thought the 9,000+ new Corvettes on dealership lots weren’t going anywhere with the looming 2020 Corvette Stingray on the horizon. But then in April, Chevy began offering “money on the hood” with a $3,000 loyalty bonus. That bonus, combined with the large discounts offered by dealers, had an immediate effect on sales as the “day supply” numbers fell from the 230+ to the current 85 days.
The Bowling Green Assembly Plant recently accepted the final 2019 orders and we believe that C7 Corvette production will wrap sometime in September. With 2020 Corvette production expected to start in December and the first new Corvettes arriving at dealers sometime in January, the remaining inventory of C7s should be enough to carry dealers through the model year changeovers.